Rising impact of e-commerce and continuous changes in consumer preferences are among the primary reasons that have led to stagnancy in the performance of the traditional retail sector. A few of the e-commerce market players are vigorously expanding their offline business operations to secure a share larger than the existing market share. Considering this, retailers operating worldwide are also continually looking forward to adopting more effective strategies to drive their revenue growth.
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The market players present in the AI-powered checkout market are mainly focusing toward the development of advanced and efficient products. By signing partnership, contracts, joint ventures, funding, and inaugurating new offices across the world the company maintain its brand name globally.
- In 2020, Delek US added Mashgin Touchless Checkout at a c-store in Odessa, Texas, enabling customers to check out in under 15 seconds, completely contact-free.
- In 2019, Accel Robotics announced a US$30 million Series A funding round led by SoftBank Group Corp and participation from existing investors, including New Ground Ventures, Toyo Kanetsu Corporate Venture Investment Partnership, and RevTech Ventures.
Impact of COVID-19 Pandemic in North America AI-Powered Checkout Market
At present, North America is the largest market in terms of revenue share of global AI-powered checkout market. The region is characterized by the presence of developed nations such as the US and Canada, where the demand for technology solutions & services is quite high owing to the huge presence of companies from various industry sectors. The COVID-19 pandemic continues to enforce the temporary closure of retail stores in the countries of North America, signaling an unprecedented disruption of commerce. Retailers and brands are facing various short-term challenges regarding health and safety, supply chain, labor force, cash flow, consumer demand, and marketing. In North America, stores started closing in the beginning of March, and this trend is expected to continue as cities and states battle to contain the spread of COVID-19. For instance, out of 26 Amazon Go, the AI-powered checkout, 22 stores have been shut down as people have been asked to not leave their houses.
Before the introduction of automation in the retail sector, retailers faced tremendous pressure to surpass customer expectations and enhance organizational efficiencies. The AI-powered checkouts provide the ability to overcome all the challenges faced by them, further helping them automate their workflows and multiple processes that ease their operations. Further, the emergence of advanced technologies, such as AI, allows retail companies to meet customer expectations by offering highly efficient services. Thus, the rise in implementation of AI-powered checkouts in the retail sectors across several developed countries drives the market growth.
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